Question

5. Vijay obtained a loan of ₹12,500 from Punjab Bank for buying a tractor. If the Bank charges compound interest at 8% per annum, what amount will he have to pay after 3 years? ​

Answer 1

Step-by-step explanation:

Principal =125000

Rate of interest =8% p.a

Time =3 years

The amount including the compound,

A=P(1+

100

R

)

n

=125000(1+

100

8

)

3

125000×(1.08)

3

=157464

∴ Anand have to pay Rs. 157464 after 3 years to clean the dept.